Sears’s Other Big Deficit

Sears Holdings has moved to raise a slug of cash ahead of the holidays. Yet investors are still worried.

The retailer announced last month that its chief executive, Edward Lampert, and his hedge fund would lend it $400 million through the critical holiday season. Then, last week Sears said it expected to raise as much as $380 million by selling most of its 51% stake in Sears Canada to Mr. Lampert and other shareholders in a rights...